Real Estate Investor · Waterbury, CT · Member since 2012 · 117 posts · 19 votes
Hello,
I plan on using transactional funding to close my commercial deal, but I need a refinance to pay off the transactional funding. Is lending tree a reliable source? Does anyone have any experience with lending tree? Thanks!
Investor · North Wales, PA · Member since 2013 · 116 posts · 44 votes
13y
I've never used them except to kick the tires. I've found zillow's lender software much better in that it lets you compare brokers without them getting your info. You choose with whom to initiate contact.
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
13y
Lending Tree is better known in residential and I'll just say I wouldn't use them.
A banking relationship is important in RE, all kinds, and the better thing to do is to see your local banks to build that relationship. You might check with brokers as well but for a multi, I'd suggest a bank.
Rental Property Investor · Jersey City, NJ · Member since 2011 · 1k+ posts · 876 votes
13y
Originally posted by Bill Gulley:
Lending Tree is better known in residential and I'll just say I wouldn't use them.
A banking relationship is important in RE, all kinds, and the better thing to do is to see your local banks to build that relationship. You might check with brokers as well but for a multi, I'd suggest a bank.
All RE is like politics, it's local!
Except that sometimes the locals are not really interested in lending. I went to the local that holds 2 notes of mine, from 8 years ago, to refi one. That was Jan 6th, and they still haven't come up with a GFE. The person I deal with is very nice, but she says the underwriters just don't feel timely customer service is in their job description.
In exasperation I went to Amerisave, and was shocked at the explicit rate charts, pricing, and speed of feedback. We'll see if there's a problem, but even just the way they have a secure, organized online system for disclosure submittal is impressive, some other banks actually have no security whatsoever, they want you to email identity theft bait unencrypted!
Scottsdale, AZ · Member since 2013 · 70 posts · 17 votes
13y
Lending Tree is not a bank or lender. They are a marketing/lead generation site for brokers and other banks.
I have to agree with Bill on developing a relationship with a mortgage banker over getting a mortgage with these big online origination companies like Amerisave and Quicken Loans.
If my clients have a problem with their loan two, five, ten years down the road, they call me because they know I will be able to deliver on my word. Good luck doing this with a company like Amerisave.